There are a number of commercial hard money lenders in DC, offering different lending programs to fit individual need. Washington being the capital of United States, it is the headquarters for a variety of trades and services not directly related to the government. In 2009 Washington led the nation in foreign real estate investments. Commercial hard money lenders find enough business in this District which has the best long-term housing market in the country. Lenders are willing to provide finances for:
1. Foreclosure sale
2. Raw land and construction
4. Fix and flips
5. Rehabs and a host of others
Some of the most attractive features of commercial hard money lenders in DC are:
• They provide up to 100% financing
• Give LTV of 65% – 70% after repairing of the collateralized property
• Quick approval with no verification of employment, credit history or income
• Fast closing of deals, within 7 – 10 days of approval
• Six months loans require no monthly payment
• No pre-payment penalty
• Favorable fee and rate of interest
• Loans given to commercial investors only
Although not entirely a bed of roses, the series of processes for loan application, loan approval, disbursement of the funds and repayment are free of all hassles. This makes the borrower feel comfortable and confident to proceed with renewed vigor. If all else fail, people turn to commercial lenders to help fulfill their earnest desires concerning acquisition of mercantile property. Looking for honest and trustworthy commercial hard money lenders in DC can be a daunting and time consuming task.
Commercial hard money lenders in DC go an extra mile to be as lenient as possible, even with the defaulters. They ensure their financial safety by simply levying a very high rate of interest as compared to the traditional lending institutions. Perhaps the lenders’ greatest competitive advantages are their flexibility and speed. The loans are given for a short term and are viewed as temporary solution to financial crisis. The ideal lender-client relationship is fostered through mutual collaboration and understanding.